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;yesterdays close represents a multi-month high and a break of the stubborn $21 level. With good trading volume it is suggestive of a continuation of the uptrend that has been in place since the reversal in the middle of May.
After breaking the critical $778 level lat week, strength in the REITS sector has continued to move the underlying upwards towards the important $82 price point. the high volume over the last few days suggests further buying potential.
PFE are testing the $33.80 level after a positive earnings response which is a technically important price point through the last 2 years, The price site above ll key moving averages and we will be looking for a move higher than yesterdays close after the stock goes ex-dividend today to confirm continuation of uptrend.
Last session high volume close back towards crucial $44.50 level which not only was the earnings day high from last week, but also an important price point in Nov/Dec last year. Price obviously sits above key moving averages.
Continued post earnings strength in Alcoa on high volume suggest a test of $11 appears likely now we have confirmation of the the $10.30 breakthrough. A successful challenge of this could see major upside. The stock is at 6 months highs so an accumulation strategy into a bought call may work well.
After a retracement mid-march, WMT paused and struggled over the last week to break $69.30. Last session move above this level could see a test of last August levels of $71. Perhaps worth a short term bought call scalp trade.
ATVI smashed through resistance at 32.70 pushing the stock back over all the major moving averages and closed towards the high of the session. In the short term a test of $34 looks likely and subsequently $36 if there is a successful challenge of this level.
Bank stocks have puled back form a potential reverse head and shoulders pattern neckline on lower volume over the last two trading sessions. The market waits for the statement associated with the FOMC statement today and there may be an opportunity to trade any move higher should there be a positive response in finance stocks.
BAC has held relatively well ...
Bank stocks have paused over the last 3 trading sessions but still look poised for further significant upside should there be further buying. MS has held $26 over this pause but we would be interested in a move over $26.30 in entering a long call position.
After last weeks retracement MSFT has moved higher the last two sessions and is poised to tackle key level at $52.70. A move over this level would mean the price sitting over all key moving averages with a price cross above the 50EMA.
Technical reversal will be confirmed on a break of $25, which should also coincide with confirmation of a reversal on the S&P500 as a whole. This price level will also mean a cross of the 5/15 EMAs and a potential test of $26 as a scalping target.